- May 28, 2021
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The latest in a recent spate of decentralized finance hacks.
Another decentralized finance protocol was subject to a major exploit on Friday, May 28, after $7.2 million was drained from BurgerSwap (BURGER) on Binance Smart Chain.
Varying amounts of seven different cryptocurrencies were stolen amid the attack, including $3.2 million worth of BURGER tokens, $1.6 million worth of Wrapped BNB (WBNB) and $1.4 million worth of Tether (USDT). The funds were still being sold off at time of publication.
BurgerSwap launched in late 2020 as what was thought to be a clone of the Uniswap decentralized exchange. However, a post-mortem into the exploit revealed that the omission of a crucial line of code differentiated Uniswap from BurgerSwap, and was likely the point of attack for what took place on Friday. This revelation led some social media observers to speculate that BurgerSwap developers were behind the attack themselves.
The BurgerSwap team announced that it was “working on the issue” and that it had suspended the generation of any more tokens to prevent more losses on Friday morning. The team tweeted:
“BurgerSwap just experienced [a] Flash Loan attack. We have suspended Swap and BURGER generation to avoid further loss. Our tech team is working on the issue and will publish the solution later. More details will be published soon. Thanks for your patience.”
Hacks on Binance Smart Chain became more numerous this month, after $200 million was drained from PancakeBunny (BUNNY) on May 20, and $3 million was stolen from Bogged Finance (BOG) on May 24.
Blockchain security and analytics firm CipherTrace recently announced it would expand its services to include Binance Smart Chain in response to the sudden spate of exploits.
